USWS - USWS STOCK NEWS

U.S. Well Services (USWS) reported a strong second quarter of 2022, with revenues soaring 67% to $68.8 million from $41.2 million in Q1 2022, driven by increased activity and improved pricing. The company reported a net loss of $(9.3) million, a notable reduction from $(25.7) million in Q1. Adjusted EBITDA increased to $7.5 million from $(3.5) million. The company is actively preparing for a merger with ProFrac, with the waiting period under the HSR Act expired. U.S. Well Services aims to leverage its electric frac technology to meet rising demand amid a tight supply market.

U.S. Well Services, Inc. (NASDAQ: USWS) is set to release its financial and operating results for the second quarter of 2022 on August 10, 2022, after market close. A conference call will follow on August 11, 2022, at 10:00 a.m. CT. Investors can join the call by dialing 201-389-0872 or access a webcast via their Investor Relations page. A replay of the call will be available until August 18, 2022.

U.S. Well Services (NASDAQ: USWS) announced a 1-for-6 reverse stock split effective August 4, 2022. This action aims to meet Nasdaq's minimum bid price requirements and will not affect stockholders' rights or ownership percentages. Following the split, USWS shareholders will receive shares of ProFrac Holding Corp. (NASDAQ: PFHC) at an exchange ratio of 0.3366 shares of ProFrac Class A Common Stock per USWS Class A common stock. The acquisition by ProFrac is anticipated to close in Q4 2022.

ProFrac Holding Corp. (NASDAQ: PFHC) announced an agreement to acquire U.S. Well Services (NASDAQ: USWS) in a stock-for-stock transaction, with USWS shareholders receiving 0.0561 shares of ProFrac for each USWS share. This merger, expected to close in Q4 2022, will create a leader in NextGen frac solutions, with 44 active fleets, including 12 electric fleets. The deal is projected to yield $35 million in annual cost synergies and eliminate $22.5 million in license fees over four years, enhancing ProFrac's ESG strategy.

U.S. Well Services (NASDAQ: USWS) has secured a contract with a major E&P producer to provide electric pressure pumping services, utilizing a newbuild Nyx Clean Fleet® for an 18-month term starting in Q3 2022. This marks the full deployment of all four Nyx Clean Fleets® with high-quality clients, highlighting strong demand in this sector. The technology aims to reduce emissions and operational costs significantly compared to traditional diesel fleets.

U.S. Well Services (USWS) and KCF Technologies have announced a groundbreaking integration of electric frac pump control systems that enable fully automated pump controls. This advancement allows for intelligent operation and continuous monitoring of pump health, greatly enhancing safety and efficiency. The automation reduces maintenance costs and downtime, enabling U.S. Well Services to optimize its performance in pressure pumping services. Key benefits include improved operational efficiency and enhanced safety measures, marking a significant step in the digitalization of the industry.

U.S. Well Services (USWS) reported its Q1 2022 results, highlighting a revenue increase of 6% to $41.2 million compared to the previous quarter. Despite the rise in activity levels, the net loss grew to $25.7 million. The company successfully reduced its Senior Secured Term Loan borrowings below $103 million while completing a $25.0 million equity offering. Adjusted EBITDA improved to $(3.5) million, marking progress from the previous quarter. However, operational challenges remain due to personnel shortages and inflation pressures.

U.S. Well Services, Inc. (NASDAQ: USWS) will release its Q1 2022 financial and operational results before market opening on May 16, 2022. The company will host an earnings conference call and webcast at 10:00 a.m. Central Time on the same day. Interested parties can join the call via phone or access the webcast through the company's Investor Relations page. This announcement highlights the company's ongoing communication with investors regarding its performance.

U.S. Well Services (NASDAQ: USWS) announced a leadership transition effective April 30, 2022. Kyle O'Neill has been promoted to President and CEO, succeeding co-founder Joel Broussard, who becomes Chairman of the Board. Josh Shapiro will step into the role of Chief Financial Officer, having previously served as Vice President of Finance since 2019. O'Neill expressed gratitude for the opportunity and aims to continue the company's focus on innovative pressure pumping technologies. Broussard will assist with strategic vision and intellectual property development in his new role.